SPX Technologies, Inc. - Proxy Solicitation & Information Statement 2005

DEFA14A 1 a05-4330_5defa14a.htm DEFA14A


		SECURITIES AND EXCHANGE COMMISSION
		Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )
Filed by the
Registrant ý
Filed by a Party other
than the Registrant o
Check the appropriate box:
o	Preliminary Proxy
Statement
o	Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
o	Definitive Proxy Statement
o	Definitive Additional
Materials
ý	Soliciting Material
Pursuant to §240.14a-12
SPX Corporation
(Name of Registrant as Specified In Its Charter)
N/A
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
Payment of Filing Fee
(Check the appropriate box):
ý	No fee required.
o	Fee computed on table
below per Exchange Act Rules 14a-6(i)(1) and 0-11.
	(1)	Title of each class of
securities to which transaction applies:
	(2)	Aggregate number of
securities to which transaction applies:
	(3)	Per unit price or other
underlying value of transaction computed pursuant to Exchange Act Rule 0-11
(set forth the amount on which the filing fee is calculated and state how it
was determined):
	(4)	Proposed maximum aggregate
value of transaction:
	(5)	Total fee paid:
o	Fee paid previously with
preliminary materials.
o	Check box if any part of
the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify
the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and
the date of its filing.
	(1)	Amount Previously Paid:
	(2)	Form, Schedule or
Registration Statement No.:
	(3)	Filing Party:
	(4)	Date Filed:
In connection with its
2005 Investor Conference held on March 3, 2005 SPX Corporation has made
the following presentation available to the public.

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*Searchable text section of graphics shown above*

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*SPX Corporation*

*2005 Investor Conference*

[GRAPHIC]

[LOGO]

March 3, 2005

Grand Hyatt Hotel, NY

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[ LOG O] Forward-Looking Statements

Certain statements contained in this presentation that are not historical facts are forward-looking statements and are thus prospective. These forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. More information regarding such risks can be found in SPXs SEC filings.

This presentation includes non-GAAP financial measures. A copy of this presentation, including a reconciliation of the non-GAAP financial measures with the most comparable measures calculated and presented in accordance with GAAP, is available on our website at www.spx.com.

March 3, 2005

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*Int roductions*

| Chris Kearney | President, Chief Executive
Officer |
| --- | --- |
| Jay Caraviello | EVP, Co-Chief Operating
Officer |
| Patrick OLeary | EVP, Chief Financial
Officer |
| Tom Riordan | EVP, Co-Chief Operating
Officer |
| Jeremy Smeltser | Director of Corporate
Finance |

*SPX Leadership Team*

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*Age nda*

| Chris
Kearney | Key Messages |
| --- | --- |
| Jay Caraviello | Operational Review |
| Tom Riordan | and Operating Initiatives |
| Patrick OLeary | 2004 Financial Results |
| | 2005 Financial Strategy and Guidance |
| Chris Kearney | Closing |
| All | Q&A |

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*Key Messages*

Good corporate governance and transparency for the benefit of all stakeholders

Mainstream executive compensation plan

Centralized operational management structure

Focus on operational improvement

Disciplined approach to acquisitions and capital investment

*Management Team Committed to Driving Improved Value*

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*Cor porate Governance Improvements 2002 through 2004*

Actions Taken

Independent Nominating and Governance Committee

Independent Directors Meet Without CEO

Corporate Governance Guidelines

Independence Standards

New Committee Charters

Split Chairman and CEO roles

Continuing Process

Search for Best Practices

Peer Benchmarking

Investor Feedback

*ISS Corporate Governance Quotient*

[CHART]

*Significant Improvement in Corporate Governance Scores Top 20% of Capital Goods Index Companies*

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*Rec ent Changes in Corporate Governance*

Chairman and CEO roles split December 2004

Independent Board members removed from EVA compensation plan to fixed cash and equity-based compensation

Compensation committee retained Watson Wyatt Worldwide to conduct comprehensive study of executive compensation

Board direction to move executives away from EVA-based compensation toward more conventional metrics

Annual restricted stock grants are now subject to performance vesting related to shareholder returns compared to the S&P 500

Senior executives chose to forego 2004 cash bonus payments and surrendered 2.5m out of the money options

Board announced search for two additional independent directors

*Committed to Competitive Alignment with Investor Interests and Strong Corporate Governance*

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*Org anization Update*


		Chris
Kearney President & Chief Executive Officer
Patrick
OLeary Executive Vice President Treasurer & CFO	Robert
Foreman Senior Vice President Human Resources	Jay
Caraviello Executive Vice President & Co-Chief Operating Officer	Tom
Riordan Executive Vice President & Co-Chief Operating Officer	Open Vice President General Counsel	Michael
Whitted Vice President Business Development
	Thermal
Equipment & Services	Flow
Technology	Test
& Measurement	Industrial
Products & Services
		IT	Lean
Council
		Supply
Chain	China
		Organizational Development

*New Organization Structure Designed to Increase Focus on Operations*

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*2004 Ove rview*

Positives :

Positive organic revenue growth: 4%

Strong market share positions in each business segment

Pockets of operational excellence

Challenges :

Margins have eroded

Significant decline in free cash flow

Decentralized structure:

Autonomous business culture

Decentralized acquisition process

Communications with investment community

*Despite Organic Revenue Growth, Operational Challenges Led to a Disappointing 2004*

SEQ.=1,FOLIO='9',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*2005 Imp rovement Goals*

Stabilize and increase segment margins

Target 100 bps improvement

Challenging first quarter:

Segment income declines

Improved cash flow
Significant gains on asset sales

Achieve steady incremental growth in net income and cash flow as the year progresses

Leverage best practices from successful operating units throughout company

Link executive incentive compensation to improvement goals

*Drive Operational Improvement; Link Compensation with Improvement Goals*

SEQ.=1,FOLIO='10',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Lon g-Term Objectives*

Expand Lean manufacturing and improve supply chain management

Apply lessons from competitive benchmarking

Focus on executing growth strategy

Disciplined and consistent capital allocation

Long-term double-digit EPS growth target:

2005 pro forma EPS: $2.70 per share

2006 and beyond: pro forma EPS growth of 10-12%

*Return to Double-Digit EPS Growth*

SEQ.=1,FOLIO='11',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Str ategic Overview*

Operating difficulties led to a thorough strategy and portfolio review

Identified need to centralize and focus long-term growth strategy

Organized portfolio into two categories:

3 Core Growth Platforms

Attractive Niche Businesses

*Strategic Assessment 2005E Revenues*

[CHART]

*Focused Long-Term Growth Strategy*

SEQ.=1,FOLIO='12',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Cor e Growth Platforms*

Globalized SPX platforms

Achieved critical mass

Participate in large, fragmented, global end markets

Attractive acquisition opportunities

3% - 5% organic growth characteristics

*New Segments 2005E Revenues*

[CHART]

*3 Focused Growth Platforms Contribute 71% of 2005E Revenues*

SEQ.=1,FOLIO='13',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Nic he Businesses*

Strong market positions

Diverse end markets

Good cash flow characteristics

Lack global scale

Acquisitions unlikely

Sustainable strategic positioning

*New Segments 2005E Revenues*

[CHART]

*Harvest Cash Flow and Evaluate Future Strategic Opportunities*

SEQ.=1,FOLIO='14',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Age nda*

Chris Kearney	Key Messages
Jay
Caraviello & Tom Riordan	Operational Review and Operating Initiatives
Patrick OLeary	2004 Financial Results 2005 Financial Strategy and Guidance
Chris Kearney	Closing
All	Q&A

SEQ.=1,FOLIO='15',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*New Operational Structure*

| Jay Caraviello — Thermal
Equipment & Services | Flow Technology | Tom Riordan — Test & Measurement | Industrial
Products & Services |
| --- | --- | --- | --- |
| Cooling Technologies and
Services Weil McLain Marley Engineered
Products | Process Equipment Air Treatment | Service Solutions Radiodetection LDS GFI Genfare | Contech Filtran Waukesha Electric Dielectric Vance Fluid Power Dock Products Fenn Technologies TPS |
| 26% | 20% | 25% | 29% |

*Continuing Operations Include 18 Business Units in 4 Segments*

SEQ.=1,FOLIO='16',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Seg ment Strategies*

| Core Platforms for
Focused Growth — Thermal
Equipment & Services | Flow Technology | Test & Measurement | Other Niche Businesses — Industrial
Products & Services |
| --- | --- | --- | --- |
| Large scale player in
global heat exchanger market provides growth opportunities Acquisitions to broaden
product / end market balance | Fragmented, diverse
global markets Numerous acquisition
opportunities to deploy engineered solutions with manufacturing excellence | Acquisitions to broaden
end market balance Re-deploy technology to
alternative end markets | Strong franchises Depressed margins Significant upside
potential Stabilize, improve Evaluate future strategic
opportunities |
| 26% | 20% | 25% | 29% |
| | 71% | | |

*3 Scalable, Global Platforms for Growth*

SEQ.=1,FOLIO='17',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*The rmal Equipment & Services*

*Positioning*

Unique position as only full line cooling tower company

Increased cooling and service backlog from $440m to $699m

Large addressable market

Significant exposure to Asian infrastructure (China / India)

Leading brands in niche heating segments

*Products*

[GRAPHIC]	[GRAPHIC]
Dry Cooling	Wet Cooling
[GRAPHIC]	[GRAPHIC]
Heating and Ventilation Equipment	Residential Boiler

*Strong Market Positions With Global Scale*

SEQ.=1,FOLIO='18',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Fin ancial Summary*

($s in millions)

	2003	2004	2005E
Revenue	$ 883	$ 1,066	$ 1,185
% growth	29 %	21 %	11 %
Organic
Growth	6 %	3 %	11 %
Segment
Income	$ 116	$ 127	$ 127
% margin	13.1 %	11.9 %	10.7 %
Return
on Assets (1)	N/A	16.5 %	16.1 %
Capital
Spending	$ 6	$ 9	$ 20

(1) Return on assets equals segment income divided by net assets including goodwill and intangibles at 12/31/2004

*Operating Focus*

Improve cooling equipment margins:

China sourcing

Package and dry tower pricing

New product intros: Air2Air, Fluid Cooler

Successful transition to Eden, NC plant and pull-through operating system

Global expansion of Thermal Service platform ($20 million of orders in China)

*Focus on Margin Expansion*

SEQ.=1,FOLIO='19',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Rev enue Growth

($s in millions)

[CHART]

2004

Hamon cooling acquisition completed December 2003

Currency benefit

Pricing improvements boiler business

2005E

11% organic growth driven by Thermal services

Increased dry cooling project mix

China: 3% of sales in 2003 11% of sales in 2005E

*Transition to Organic Growth Profile*

SEQ.=1,FOLIO='20',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Mar gin Development

[CHART]

2004

Hamon acquisition diluted margins by 1%

Pricing actions did not recover commodity cost increases; spread = ($5) million

2005E

Lean manufacturing improvements at Weil McLain

Mix shift to lower margin dry cooling projects, thermal service and heat exchanger equipment

*Working to Recover Increased Costs with Pricing and Productivity*

SEQ.=1,FOLIO='21',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Flo w Technology*

*Positioning*

Branded, engineered products

Focus on niche end markets

Increasing solutions (multi-product) sales

Growing aftermarket revenues

Attractive acquisition opportunities

*Products*

[GRAPHIC]	[GRAPHIC]
Mixers	Dryers
[GRAPHIC]	[GRAPHIC]
Valves	Process Pumps

*Diverse Products and Brands Sharing a Common Platform*

SEQ.=1,FOLIO='22',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Fin ancial Summary*

($s in millions)

Revenue	2003 — $ 733		2004 — $ 869		2005E — $ 900
% growth	8	%	18	%	4 %
Organic
Growth	(5	)%	(2	)%	3 %
Segment
Income	$ 127		$ 105		$ 114
% margin	17.3	%	12.1	%	12.7 %
Return
on Assets	N/A		14.3	%	15.5 %
Capital
Spending	$ 8		$ 6		$ 16

*Operating Focus*

Valves lean manufacturing initiatives

Address European softness in mixer market

Improve dehydration and filtration margins:

Price

China sourcing

Manufacturing and SG&A rationalization

Upgrade IT infrastructure

*Increase CAPEX to Support Margin Expansion*

SEQ.=1,FOLIO='23',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Rev enue Growth

($s in millions)

[CHART]

2004

McLeod Russell acquisition completed in January 2004

Soft oil and gas demand in Europe

Limited price improvement

2005E

Implemented price actions should drive top-line growth

Global expansion into China

*Transition to Organic Growth Profile*

SEQ.=1,FOLIO='24',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Mar gin Development

[CHART]

2004

McLeod Russell restructuring actions restored profitability to break-even

Operational issues at valves

2005E

Pricing actions expected to exceed commodity cost increases

Lean manufacturing initiatives will drive valves margin improvements

*Price and Operating Improvements Drive Margin Improvement*

SEQ.=1,FOLIO='25',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*2005 Seg ment Targets*

($s in millions)	Full Year — 2004	2005E	Comments
Thermal
Revenues	$ 1,065	$ 1,185	Asia and services market expansion
Segment
Income	$ 127	$ 127	Increased mix of lower margin dry cooling
towers
Segment
margin	11.9 %	10.7 %
Flow
Technology
Revenues	$ 869	$ 900	Mid single-digit organic growth
Segment
Income	$ 105	$ 114	Valves integration, Lean focus
Segment
margin	12.1 %	12.7 %
Test
& Measurement
Revenues	$ 1,093	$ 1,110	Incremental revenue and income growth from
2004 acquisitions
Segment
Income	$ 128	$ 131
Segment
margin	11.7 %	11.8 %
Industrial
Revenues	$ 1,346	$ 1,275	Reduced sales to unprofitable customers
Segment
Income	$ 57	$ 95	Improved operations at Dock, raw material
cost recovery
Segment
margin	4.3 %	7.4 %

*Stabilization and Operating Improvement Expected in 2005*

SEQ.=1,FOLIO='26',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Tes t & Measurement*

*Positioning*

Branded, engineered products

Diverse end markets including:

Transportation

Telecom/Utilities

Defense/Aerospace

Research and Testing

*Products*

[GRAPHIC]	[GRAPHIC]
Rotating Electrical Tester	Vibration Test System
[GRAPHIC]	[GRAPHIC]
Scan Tool	Fare Box

*Specialty Tools, Hand-Held Diagnostic Systems, Vibration Test Systems and Transportation Fare Collections Systems*

SEQ.=1,FOLIO='27',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Fin ancial Summary*

($s in millions)

Revenue	2003 — $ 932	2004 — $ 1,093	2005E — $ 1,110
% growth	6 %	17 %	2	%
Organic
Growth	5 %	9 %	(1	)%
Segment
Income	$ 117	$ 128	$ 131
% margin	12.6 %	11.7 %	11.8	%
Return
on Assets (1)	N/A	15.6 %	15.9	%
Capital
Spending	$ 5	$ 7	$ 13

(1) Return on assets equals segment income divided by net assets including goodwill and intangibles at 12/31/2004

*Operating Focus*

Strengthen market leadership

Execute key manufacturing initiatives (e.g. Lean)

Improve back offices and systems

Integrate product platforms

Continue to leverage outsourcing model

Aggressively expand commercialization of China market

*9% Organic Growth in 2004*

SEQ.=1,FOLIO='28',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Rev enue Growth

($s in millions)

[CHART]

2004

Growth driven by bolt-on acquisitions in the automotive and data acquisition markets

Volume up substantially on OE auto platform rollouts, transportation initiatives, and related aftermarket

2005E

Volume impacted by reduced new OE platform rollouts and delays in the Federal Transportation Bill

2004/2005 pricing initiatives gaining traction

*Flat Revenue in 2005 After a Strong 2004*

SEQ.=1,FOLIO='29',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Mar gin Development

[CHART]

2004

Strong volume

Telecom product discontinuance

Higher labor and commission costs

2005E

Pricing strength

Unfavorable mix, driven by Transportation Bill delay

Telecom recovery

*Long-Term Margin Target of 13% -15%*

SEQ.=1,FOLIO='30',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Pos itioning*

Strong franchises

Market leaders

Solid cash flow

Niche businesses

North American focus

*Products*

[GRAPHIC]
High Voltage Transformer
[GRAPHIC]
Hydraulic Pump

*Attractive Niche Businesses*

SEQ.=1,FOLIO='31',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Fin ancial Summary*

($s in millions)

Revenue	2003 — $ 1,268		2004 — $ 1,346	2005E — $ 1,275
% growth	(6	)%	6 %	(5	)%
Organic
Growth	(17	)%	5 %	(3	)%
Segment
Income	$ 98		$ 57	$ 95
% margin	7.7	%	4.3 %	7.4	%
Return
on Assets (1)	N/A		4.9 %	8.0	%
Capital
Spending	$ 17		$ 14	$ 30

(1) Return on assets equals segment income divided by net assets including goodwill and intangibles at 12/31/2004

*Operating Focus*

Strengthen business processes: back to basics

Execute key manufacturing initiatives (e.g. Lean)

Evaluate business portfolio

Continuing recovery in most end markets: automotive soft

*$38m Estimated Increase in Segment Income for 2005*

SEQ.=1,FOLIO='32',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Rev enue Growth

($s in millions)

[CHART]

2004

Volume increase impacted by:

Transformer market

Security services

Automotive

Volume offset by a decline in broadcast

Stable pricing in 2004

2005E

Volume decline driven by:

Targeted reduction in unprofitable customers

Automotive build rates

Pricing strengthening across the platform

Planned product line divestitures

*Re-Focus Businesses on Operations and Profitability*

SEQ.=1,FOLIO='33',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

Mar gin Development

[CHART]

2004

Strong volume

Unfavorable commodity costs

Dock Products restructuring

Higher benefit and risk management costs

2005E

Pricing strength expected to offset commodity increases

Dock Products recovery

Cost reduction initiatives

*Targeting Long-Term Margins of 10% -12%*

SEQ.=1,FOLIO='34',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*2005 Seg ment Targets*

($s in millions)	Full Year — 2004	2005E	Comments
Thermal
Revenues	$ 1,065	$ 1,185	Asia and services market expansion
Segment
Income	$ 127	$ 127	Increased mix of lower margin dry cooling
towers
Segment
margin	11.9 %	10.7 %
Flow
Technology
Revenues	$ 869	$ 900	Mid
single-digit organic growth
Segment
Income	$ 105	$ 114	Valves integration, Lean focus
Segment
margin	12.1 %	12.7 %
Test
& Measurement
Revenues	$ 1,093	$ 1,110	Incremental revenue and income growth from
2004 acquisitions
Segment
Income	$ 128	$ 131
Segment
margin	11.7 %	11.8 %
Industrial
Revenues	$ 1,346	$ 1,275	Reduced sales to unprofitable customers
Segment
Income	$ 57	$ 95	Improved operations at Dock, raw material
cost recovery
Segment
margin	4.3 %	7.4 %

*Stabilization and Operating Improvement Expected in 2005*

SEQ.=1,FOLIO='35',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Ope rating Initiatives*

Lean Manufacturing	Supply Chain Management
Information Technology	New Product Development
Emerging Markets: China	Organizational Development

*Initiatives are Focused on Operational Improvement*

SEQ.=1,FOLIO='36',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Lea n Manufacturing Implementation*

| Assess | Determine each individual
business ability to apply Lean Manufacturing in an accelerated environment.
Early projects will be cost focused |
| --- | --- |
| Identify | Identify projects to
improve productivity and eliminate waste. Project selection based on
potential to apply Lean and Six Sigma techniques |
| Train | Training will be used at
all business units to teach Lean Manufacturing methods and tools |
| Continuous Improvement | Business performance reviews
will include reviews of Lean Manufacturing progress and best practices
evaluations |

*Lean Manufacturing Methods Taught by Experienced SPX Leaders*

SEQ.=1,FOLIO='37',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Sup ply Chain Management*

OBJECTIVE

Drive sustained year-over-year improvements in entire Supply Chain process

PROCESS

Functional Area	Major Goal
Demand Management	Streamline
Sales and Operations Planning
Materials Management	Lower
Inventory Optimize Customer Order Fill Rates
Sourcing	Optimize
spend and establish better line of sight on $1b commodity spend
Distribution/Logistics	Freight Cost
Reduction Optimize Across Continents Improve Customer Satisfaction

*Broadened Corporate Wide Initiative to Drive Cost Reduction*

SEQ.=1,FOLIO='38',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*New Product Development*

*Business Review Assessment :*

New product development focus and R&D spend are not consistent across SPX

Stable and growing businesses have more clearly defined processes in place

*Strategy :*

Strengthen links between commercial and development portions of the businesses

Provide adequate engineering resources

Focus R&D spend on areas of highest expected return

Leverage best practices across SPX (e.g. Service Solutions)

*Increased Focus on R&D and Innovation To Fuel Organic Growth*

SEQ.=1,FOLIO='39',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

OTC

[GRAPHIC]

Actron

[GRAPHIC]

AutoXray

[GRAPHIC]

*Complete Product Family From OE Technicians to DIYs*

SEQ.=1,FOLIO='40',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Org anizational Development*

*Leadership Development*

*Develop leaders at all levels*

*Strengthen functional talent*

*Attract and retain talent*

**PROMOTE CONTINUOUS LEARNING ACROSS ORGANIZATION****

*Lean Manufacturing and Supply Chain Training*

*Continuous improvement practices configured for each business*

*Common templates and training to assure consistent results*

*Dock-to-dock supply chain management skills*

*Focus on Solutions for Customers*

*Stay close to customers core needs*

*Configure and bundle solutions for highest value*

*Develop new offerings with innovative consistency to drive organic growth*

*Define sales, marketing, new products, pricing, and streamlined analytical tools from the customer solution point of view*

*Commitment to Organizational Development Supports Continuous Improvement Targets*

SEQ.=1,FOLIO='41',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*SPX in China*

[GRAPHIC]

	2002		2003		2004
Key Indicators:
Sales	$ 56	m	$ 115	m	$ 170	m
Sourcing	$ 60	m	$ 90	m	$ 110	m
Headcount			1,350		1,711
Production sq. ft.			800	k	850	k

*Strategy:*

Continue aggressive sales and sourcing growth

Leverage back-office infrastructure

Migrate Lean and Supply Chain best practices

Strong recruitment and organizational development in place

*Accelerate Profitable Growth in China*

SEQ.=1,FOLIO='42',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*SPX Entities in China*

[GRAPHIC]

*Increased Presence in All Major Markets*

SEQ.=1,FOLIO='43',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Inf ormation Technology*

*Business Review Assessment :*

Business units with solid systems have consistently better financial performance and predictability

*Strategy :*

Consolidate decentralized data centers into three regional platforms

Provide solid ERP platforms to reduce costs and enhance business tools

Rationalize ERP legacy systems

Focus capital expenditures on three core segments

*Increased Investment Improves Operational Performance and Financial Visibility*

SEQ.=1,FOLIO='44',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Cap ital Spending Analysis*

2000-2001: Significant systems and new plant investments

2002-2004: Bolt-on acquisition activity and manufacturing footprint growth in low cost countries kept spending low

2005+: Modeling 100% of depreciation, committed to investing in core growth platforms and to improve businesses with information systems improvements

Note: 2001 2004 data includes discontinued operations

*Capital Spending* ($s in millions)

[CHART]

*Capital Spending/Depreciation*

[CHART]

*Expecting Capital Spending to Increase to 100% of Depreciation*

SEQ.=1,FOLIO='45',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Age nda*

Chris Kearney	Key Messages
Jay Caraviello	Operational Review
Tom Riordan	and Operating Initiatives
Patrick
OLeary	2004
Financial Results
	2005
Financial Strategy and Guidance
Chris Kearney	Closing
All	Q&A

SEQ.=1,FOLIO='46',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*2004 Q4 Rev iew*

| ($s in millions, except per share data) | Three
months ended Dec. 31, — 2003 | 2004 | | V % | Comments |
| --- | --- | --- | --- | --- | --- |
| Revenues | $ 1,120 | $ 1,185 | | 6 % | Acquisition
growth |
| Segment Income | $ 149 | $ 129 | | -14 % | Valves
inefficiencies, raw material cost |
| % Margin | 13.3 % | 10.9 | % | | increases; 2003
environmental cost |
| | | | | | reductions |
| Corporate Expense | $ 17 | $ 53 | | 209 % | Legal
expenses, executive retirement |
| | | | | | costs, SarBox |
| Asset Impairments | | $ 175 | | | Fluid
Power, Radiodetection, TPS |
| Other Income / (Expense) | $ 43 | $ (6 | ) | -114 % | 2003
Microsoft legal settlement |
| Free Cash Flow | $ 324 | $ 124 | | -62 % | 2003
Microsoft settlement ($60m), 2004 A/R factoring ($30m) |

Note: Income statement results for both periods exclude impact from discontinued operations

*Disappointing Operating Performance, Increased Corporate Expenses and Asset Impairments Led to Operating Loss*

SEQ.=1,FOLIO='47',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*2004 Ful l Year Review*

($s in millions, except per share data)	2003	2004		V %	Comments
Revenues	$ 3,816	$ 4,372		15 %	4%
organic growth
Segment Income	$ 459	$ 416		-9 %	Raw
material cost increases, operating
% Margin	12.0 %	9.5	%		inefficiencies at Dock
Products, Valves
Corporate Expense	$ 53	$ 101		89 %	Legal
expenses, executive retirement
					costs, SarBox
Asset Impairments		$ 247			Dock
Products, Fluid Power, Radiodetection, TPS
Other Income / (Expense)	$ 47	$ (9	)	-119 %	2003
Microsoft legal settlement
Free Cash Flow	$ 552	$ 125		-77 %	$195m
investment in working capital,
					2003 Microsoft legal
settlement ($60m)
Adjusted EBITDA	$ 566	$ 441		-22 %

Note: Income statement results for both periods exclude impact from discontinued operations

*Disappointing Operating Performance and Asset Impairments Led to Operating Loss*

SEQ.=1,FOLIO='48',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*SFA S 142 Asset Impairments*

1) Annual impairment testing of all goodwill and indefinite lived intangible assets performed in Q4 in connection with long-range forecasting process

2) Change in market condition or estimates can trigger impairment in any period that the change becomes known

3) Impairments recorded in 2004:

Dock Products operating losses in first 9 months of 2004 led to impairment in Q3 2004

$71.5m pre-tax charge

Annual testing in 2004 indicated impairments existed at:

Fluid Power: $60.3m pre-tax

Radiodetection: $89.4m pre-tax

TPS: $25.6m pre-tax

*Operating and End Market Difficulties Led to Impairments Totaling $247 Million for 2004*

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*2004 Seg ment Results*

($s in millions)		December Expectations	Actual	Change		Comments
Technical	Revenue	$ 935	$ 564	$ (371	)	Kendro moved
to discontinued operations;
	Segment Income	$ 109	$ 46	$ (63	)	Pension
impact +$1.3
	% Margin	11.6 %	8.1 %
Industrial	Revenue	$ 1,090	$ 1,091	$ 1		Operating
inefficiencies at Dock and Fluid
	Segment Income	$ 68	$ 63	$ (5	)	Power;
One-time environmental charge
	% Margin	6.2 %	5.8 %			Pension
impact +1.4
Flow	Revenue	$ 1,090	$ 1,067	$ (23	)	Lower volume
at Process Equipment;
	Segment Income	$ 146	$ 145	$ (1	)	Pension
impact + $1.7
	% Margin	13.4 %	13.6 %
Cooling	Revenue	$ 810	$ 780	$ (29	)	Cofimco moved
to discontinued operations,
	Segment Income	$ 77	$ 69	(8	)	Timing of contracts
	% Margin	9.5 %	8.9 %			Pension
impact +0.5
Service	Revenue	$ 890	$ 870	$ (20	)	2 product
lines moved to discontinued
Solutions	Segment
Income	$ 87	$ 93	$ 6		operations;
Pension impact + $2.2
	% Margin	9.8 %	10.7 %
Total	Segment
Income	$ 486	$ 416	$ (70	)

*Pension Impact Removed from Segment Results; Kendro, Cofimco, Two Small Product Lines Discontinued*

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*Bri dge to December Expectations*

($s in millions)

*Free Cash Flow*

December Expectations	$
Accounts Receivable	45	Timing of receipts
2004 Actual	$ 125

*Segment Income*

December Expectations — Discontinued Operations	$ — (71	)	Kendro, Cofimco & 2 small product lines
Pension exclusion	7		Reported as a separate line item
Operations	(6	)	Cooling Technologies, Dock, Fluid Power
2004 Actual	$ 416

*$45m Stronger Q4 Cash Flow Than Expected; Segment Income $6m Lower Than Expected*

SEQ.=1,FOLIO='51',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*2004 Ann ual Cash Flow*

2004 free cash flow of $125m (1)

Significantly lower than prior year and historical strong performance

Driven by $195m working capital investment:

$250m working capital increase through nine months

Q4 working capital decrease of $55m

2004 capital expenditures of $55m (1)

(1) Includes discontinued operations

*Disappointing 2004 Cash Flow Performance*

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*2004 Wor king Capital Analysis*

($s in millions)

*2004 Working Capital Investment*

Thermal	$	)
Test & Measurement	(54	)
Hamon Working Capital Investment	(30	)
Discontinuance of Accounts Receivable
Factoring Program	(30	)
Other Operations	(1	)
Working Capital Investment	$ (195	)

*Working Capital Investment Overview*

Organic revenue growth of 4%:

Led to increase in receivables

Inventory build

Concentrated in two businesses:

Thermal Equipment & Services:

China/dry cooling growth ($42m)

Contract timing ($23m)

Vendor pressure / steel supply ($15m)

Service Solutions:

Q4 volume ($22m)

Inventory build & customer timing issues ($20m)

Acquisitions ($12m)

Targeting improvement over next 12-24 months

*Operating Focus on Working Capital Reductions To Recover 2004 Investment*

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*2004 Div estiture Strategy*

| Identified
as attractive niche businesses | Favorable
M&A dynamics led to decision |
| --- | --- |
| | to engage
in sale |
| Strong
market positions | processes |
| Technology
leadership | |
| Lack
significant scale | Attractive
returns and improved financial flexibility |
| High
operating margins | |
| Acquisition
environment: | |
| Large
OEM consolidators | |
| Limited
opportunity for | Unlock
value for shareholders |
| further margin improvement | |
| on a stand alone basis | |

*EST, Kendro and Bomag*

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*Maj or Divestitures Summary*

($ in millions)	Revenue	OP	Proceeds (1)	Gain (1)
EST	$ 438	$ 73	$ 900	$ 605
Kendro	371	66	675	285
Bomag	506	43	400	140
Total	$ 1,315	$ 182	$ 1,975	$ 1,030

(1) After taxes

[GRAPHIC] [GRAPHIC] [GRAPHIC]

*Divestiture Strategy Yielding After-Tax Proceeds of ~$2 Billion Book Gains of ~$1 Billion*

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*Exp ected 2005 Available Capital*

	$ in millions
Availability
Cash at 12/31/04	$ 581
Unused revolving loan (net of LOCs)	325
A/R securitization facility, net	100
2005E free cash flow	200
Net cash proceeds from BOMAG sale 1/3/2005	400
Expected net cash proceeds from EST/Kendro
sales	1,575
Total Projected Availability	$ 3,181
Commited Payments
Q1 debt payment (1/7/05)	$ (400	)
Dividend payments	(76	)
Remaining 2005 minimum debt payments
Net Projected Availability	$ 2,705

Note: Our ability to access these sources under our various facilities may be limited by the terms of our credit facility and/or indentures

*Over $2.7b in Projected Available Liquidity Will Create a Stable Situation While Operations Improve*

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*Fin ancial Strategy*

*Debt / Cash Flow Statistics*

Maintain leverage within target range:

Gross debt to adjusted EBITDA: 1.5x 2.0x

Focus on free cash flow conversion:

Target 100% of net income with appropriate capital expenditures

*Dividend Policy*

Prudent cash dividend, while maintaining leverage target:

Annual $1 per share

Dividend yield of ~2%

*Conservative Financial Strategy Focused on Stability and Flexibility*

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*Pro Forma Balance Sheet*

| ($s in millions) — Cash | 12/31/04 — $ 581 | $ 1,975 | | Debt Reduction — $ (1,826 | ) | Share
(1) Repurchase — $ (450 | ) | Pro forma — $ 280 | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Other Current Assets | 3,333 | (1,567 | ) | | | | | 1,766 | |
| Goodwill | 2,078 | | | | | | | 2,078 | |
| Other Assets | 1,636 | | | | | | | 1,636 | |
| Total Assets | $ 7,628 | $ 408 | | $ (1,826 | ) | $ (450 | ) | $ 5,760 | |
| Other Current Liabilities | $ 1,762 | $ (622 | ) | (20 | ) | | | $ 1,120 | |
| Total Debt | 2,526 | | | (1,726 | ) | | | 800 | |
| Long-Term Liabilities | 1,209 | | | | | | | 1,209 | |
| Shareholders Equity | 2,132 | 1,030 | | (80 | ) | (450 | ) | 2,632 | |
| Total Liabilities and Shareholders Equity | $ 7,628 | $ 408 | | $ (1,826 | ) | $ (450 | ) | $ 5,760 | |
| Debt / Equity Ratio | 118 | % | | | | | | 30 | % |
| Debt / Cap Ratio | 54 | % | | | | | | 23 | % |
| Total Debt/Adj. EBITDA | 3.85 | x | | | | | | 1.81 | x |
| Adj. EBITDA | $ 656 | (2) | | | | | | $ 441 | |

(1) Assumes 10m shares at $45 per share

(2) Adjusted EBITDA including discontinued operations

*Dramatic Improvement in Credit Statistics Targeted 10m Share Repurchase After Debt Reduction*

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*Deb t Retirement Schedule*

| $s
in millions | 12/31/2004 | Projected Retirements | | Pro forma |
| --- | --- | --- | --- | --- |
| Revolving Credit Loan | $ | $ | | $ |
| Tranch A Term Loan | 191 | (130 | ) | 62 |
| Tranch B Term Loan | 882 | (875 | ) | 7 |
| 7.50% senior notes | 473 | (473 | ) | |
| 6.25% senior notes | 249 | (249 | ) | |
| LYONs (zero coupon) | 659 | | | 659 |
| Other Debt | 73 | | | 73 |
| Total | $ 2,526 | $ (1,726 | ) | $ 800 |

Potential LYONs put dates: $18m May 2005, $641m February 2006

Attractive refinancing options are available:

Cash on hand

Replacement convertible security

Public bond offering

Un-drawn revolver ($325m net)

*New Capital Structure Primarily Comprised of Term Loans; Outstanding Debt Reduced by 68%*

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*Cap ital Allocation Methodology*

Gross Debt to EBITDA	Excess Capital / Free Cash Flow Usage
> 2.0x	Debt reduction to return to leverage in
	1.5x 2.0x targeted range
	Return
of capital to equity holders:
	Share
repurchases based on internal fair value methodology
< 2.0x
	Acquisitions:
	Strategic
focus in 3 growth platforms

*Focused, Strategic Capital Allocation Methodology; $65m Cash Dividend Returned to Shareholders Annually*

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*SPX Peer Group Credit Analysis*

**Total Debt/EBITDA****

[CHART]

**Total Debt/Book Capitalization****

[CHART]

Source: JPMorgan analysis

Peers: Pentair, ITT, Textron, Eaton, Crane, Parker Hannifin

*New Credit Statistics in Line with Investment Grade Peers*

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*New Capital Structure*

Significantly less leverage:

Total Debt/Book Capital expected to be 23% down from 54%

Total Debt/EBITDA target of 1.81x down from 3.85x

Use cash asset sales proceeds and free cash flow:

Pay down $1.7 billion debt:

Retire senior notes and term loans

Total cash cost of ~$1.8 billion including note tender and other debt retirement costs

Target repurchase of 10m shares

*Re-capitalization will Take Place After Proceeds from Disposals are Received*

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*Mod eling Information*

Moving to Pro Forma EPS:

Plan to exclude items such as:

Discontinued operations

Gain or loss on sale of business unit or product line

Deferred tax gains

Asset impairments

Debt retirement costs

Modeling Assumptions:

Debt retirement effective 1/1/2005:

Total of $1.7 billion paid down

Senior notes retired, additional term loan reduction

Equity repurchase effective 1/1/2005:

10m shares repurchased

No share increase from LYONs change in accounting

*Moving to Pro Forma EPS in 2005*

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*Q1 2005 Seg ment Targets*

($s in millions)	First Quarter — 2004	2005E	Comments
Thermal
Revenues	$ 225	$ 246	Increase in service projects
Segment Income	$ 21	$ 16	New facility start-up costs, product
mix
Segment margin	9.3 %	6.5 %
Flow Technology
Revenues	$ 201	$ 216	McLeod Russel acquisition
Segment Income	$ 28	$ 23	Raw material surcharges
Segment margin	14.0 %	10.8 %
Test & Measurement
Revenues	$ 248	$ 242	Delays in transportation bill
Segment Income	$ 24	$ 18
Segment margin	9.7 %	7.4 %
Industrial
Revenues	$ 332	$ 314	Product line discontinuance
Segment Income	$ 19	$ 18
Segment margin	5.6 %	5.6 %

*Challenging First Quarter;*

*Focused on Implementing Operating Initiatives*

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*2005 Seg ment Targets*

($s in millions)	Full Year — 2004	2005E	Comments
Thermal
Revenues	$ 1,065	$ 1,185	Asia and
services market expansion
Segment Income	$ 127	$ 127	Increased mix
of lower margin dry cooling towers
Segment margin	11.9 %	10.7 %
Flow Technology
Revenues	$ 869	$ 900	Mid single-digit
organic growth
Segment Income	$ 105	$ 114	Valves
integration, Lean focus
Segment margin	12.1 %	12.7 %
Test & Measurement
Revenues	$ 1,093	$ 1,110	Incremental
revenue and income growth from 2004 acquisitions
Segment Income	$ 128	$ 131
Segment margin	11.7 %	11.8 %
Industrial
Revenues	$ 1,346	$ 1,275	Reduced sales
to unprofitable customers
Segment Income	$ 57	$ 95	Improved
operations at Dock, raw material cost recovery
Segment margin	4.3 %	7.4 %

*Stabilization and Operating Improvement Expected in 2005*

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*Pro Forma 2005E and 2006E*

| ($ in millions, except per
share data) | 2004 Actual | | Pro Forma 2005E
(1) | | 2006E
(2) |
| --- | --- | --- | --- | --- | --- |
| Revenues | $ 4,372 | | $ 4,470 | | +2 to 3% |
| Segment Income | 416 | | 467 | | |
| % of revenues | 9.5 | % | 10.5 | % | +100 bps |
| Corporate overhead | (101 | ) | (75 | ) | |
| Pension income (expense) | (23 | ) | (38 | ) | |
| Stock-based compensation | (9 | ) | (35 | ) | |
| Asset Impairments | (247 | ) | | | |
| Special charges | (46 | ) | (20 | ) | |
| Operating income | $ (9 | ) | $ 299 | | |
| % of revenues | -0.2 | % | 6.7 | % | |

(1) Assumes the following transactions were executed as of January 1, 2005:

Sales of BOMAG, EST and Kendro yielding after-tax proceeds of approximately $2.0b

$1.7m of debt repurchased: senior notes retired, additional term loans paid down

10m shares of stock repurchased at $45 per share

Because we can not predict with any certainty the dates on which the above mentioned events will occur, it is not practical to provide a reconciliation of the pro forma 2005E financial model to GAAP measures.

(2) Because the 2006 estimated growth targets are based on a 10% - 12% projected increase over the 2005 pro forma estimate it is not practical to provide a reconciliation of the 2006 growth estimates to GAAP measures.

*Targeting 100 bps Improvement in Segment Income in 2005*

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*Pro Forma 2005E and 2006E*

| ($ in millions, except per
share data) — Equity Earnings in J/V | 2004 Actual — 26 | | Pro Forma 2005E
(1) — 28 | |
| --- | --- | --- | --- | --- |
| Other Income/(Expense) | (9 | ) | (0 | ) |
| Interest Expense | (154 | ) | (37 | ) |
| Pre-Tax Income | $ (146 | ) | $ 288 | |
| Taxes | 29 | | (115 | ) |
| (Loss) income from continuing operations | $ (117 | ) | $ 173 | |
| Weighted Shares | 74.3 | | 64.0 | |
| Earnings Per Share | $ (1.58 | ) | $ 2.70 | +10 to
12% |
| Adjusted EBITDA | $ 441 | | $ 506 | +10 to
12% |

(1) Assumes the following transactions were executed as of January 1, 2005:

Sales of BOMAG, EST and Kendro yielding after-tax proceeds of approximately $2.0b

$1.7m of debt repurchased: senior notes retired, additional term loans paid down

10m shares of stock repurchased at $45 per share

*Targeting Return to Double-Digit EPS Growth*

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*Fre e Cash Flow*

2005E target free cash flow of ~$200m

Targeting working capital improvement over the next 12-24 months

2005E includes $80m of capital spending

100% of depreciation

Targeting 100% conversion to net income long-term

*Long-Term Target 100% Conversion of Net Income*

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*Age nda*

Chris Kearney	Key Messages
Jay Caraviello	Operational Review
Tom Riordan	and Operating Initiatives
Patrick OLeary	2004 Financial Results
	2005 Financial Strategy
and Guidance
Chris
Kearney	Closing
All	Q&A

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*SPX in 2005*

*Key Attributes of SPX*

Leading Market Share Positions

Solid Free Cash Flow and Return on Capital Profile

Positive Organic Growth

Diverse End Markets

3 Scalable, Global Platforms for Future Growth

Strong Balance Sheet with Significant Financial Flexibility

Strong Values and Culture

*New Segments 2005E Revenues*

[CHART]

*Simplified Structure Improved Focus*

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*Key Messages*

Good corporate governance and transparency for the benefit of all stakeholders

Mainstream executive compensation plan

Centralized operational management structure

Focus on operational improvement

Disciplined approach to acquisitions and capital investment

*Management Team Committed to Driving Improved Value*

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*Age nda*

Chris Kearney	Key Messages
Jay Caraviello	Operational Review
Tom Riordan	and Operating Initiatives
Patrick OLeary	2004 Financial Results
	2005 Financial Strategy and Guidance
Chris Kearney	Closing
All	Q&A

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**App* endix***

[GRAPHIC]

[LOGO]

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*Exe cutive Biographies*

[PHOTO]

*Christopher J. Kearney* , 49, was named President and Chief Executive Officer of SPX on December 8, 2004. He joined the company in February 1997 as Vice President, Secretary and General Counsel and an officer of the company. Prior to joining SPX he was Senior Vice President and General Counsel of Grimes Aerospace Company, a leading manufacturer of aircraft lighting equipment, engine system components and electronic systems. His business experience also includes positions at Borg-Warner Chemicals as Senior Attorney and Senior Counsel at General Electrics global materials business. Mr. Kearney holds an undergraduate degree from the University of Notre Dame and a law degree from DePaul University Law School.

[PHOTO]

*Jay Caraviello* , 45, was named Executive Vice President and Chief Operating Officer on December 8, 2004. Mr. Caraviello joined SPX Corporation in 1997 at the Service Solutions business. He also held positions as President of the companys Lightnin business and Bran & Luebbe before being named President of SPXs Cooling Technologies and Services business in March 2002. Mr. Caraviello was elected an officer of SPX in February 2003. Prior to joining SPX, he spent fifteen years with General Electric. He holds a Bachelor of Science degree in Business Administration from the University of Massachusetts Business School and a Masters of Science degree in Management from Purdue University.

[PHOTO]

*Robert B. Foreman* , 47, was named Senior Vice President, Human Resources on December 8, 2004. He joined SPX Corporation in April 1999 as Vice President, Human Resources and an officer of the company. Mr. Foreman joined SPX from PepsiCo, where he was Vice President Human Resources for Frito-Lay International, based in Dallas, Texas. During his 14 years with PepsiCo, he spent 7 years in Asia where he worked in both the Pepsi and Frito-Lay businesses, across 25 countries throughout Asia, the Middle East and Africa. A graduate of the State University of New York Geneseo, he holds a Bachelor of Arts degree in political science.

[PHOTO]

*Patrick J. OLeary,* 47, was named Executive Vice President and Chief Financial Officer on December 8, 2004. He joined SPX in September 1996 as Vice President, Finance, Treasurer and Chief Financial Officer and an officer of the company. Mr. OLeary began his career in business in 1978 at Deloitte & Touche as a Chartered Accountant at the firms offices in Southampton and London, England. From 1982 to 1988, he served in various managerial capacities with Deloitte & Touche and was a Partner in the firms Boston office from 1988 to 1994. He joined Carlisle Plastics, Inc., in 1994 as Chief Financial Officer and a director. He holds a Bachelor of Science degree in Accounting and Law from the University of Southampton (England).

[PHOTO]

*Thomas J. Riordan* , 48, was named Executive Vice President and Chief Operating Officer on December 8, 2004. He joined SPX in February 1996 as President of the OE Tool and Equipment Group. He was elected an officer of the company in August 1997, and was named President of Service Solutions in October 1997. In May 2001, he was named President, Transportation and Industrial Solutions and in May 2004, he was named President of the companys Technical and Industrial Systems group. Mr. Riordan began his career in 1979 at Borg-Warner Automotive. In 1989, he joined J. I. Case and was appointed Vice President, European Manufacturing in 1990. He held general management positions at IVEX Corporation (1991-1994) and at CSMI (1994-1996). He holds a Bachelor of Science degree in Industrial Engineering from Northwestern University and a Master of Science degree in Industrial Administration from Purdue University.

*Executive Leadership Team*

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*2005 Org anic Revenue Growth Reconciliation*

| | Projected Year ended December 31,
2005 — Net Revenue Growth(Decline) | Acquisitions/ Divestitures | Foreign Currency | Organic Revenue Growth/(Decline) |
| --- | --- | --- | --- | --- |
| Thermal
Equipment and Services | 10 % | -1 % | 0 % | 11 % |
| Flow
Technology | 5 % | 2 % | 0 % | 3 % |
| Test and
Measurement | 1 % | 2 % | 0 % | -1 % |
| Industrial
Products and Services | -3 % | 1 % | 0 % | -3 % |

SEQ.=1,FOLIO='75',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

| | Yea r
ended December 31, 2004 — Net Revenue Growth | Acquisitions/ Divestitures | Foreign Currency | Organic Revenue Growth/(Decline) |
| --- | --- | --- | --- | --- |
| Thermal
Equipment and Services | 21 % | 11 % | 4 % | 6 % |
| Flow
Technology | 18 % | 17 % | 4 % | -2 % |
| Test and
Measurement | 17 % | 5 % | 3 % | 9 % |
| Industrial
Products and Services | 6 % | 0 % | 1 % | 5 % |
| Consolidated | 15 % | 8 % | 3 % | 4 % |

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| | Yea r
ended December 31, 2003 — Net Revenue Growth(Decline) | Acquisitions/ Divestitures | Foreign Currency | Organic Revenue Growth/(Decline) |
| --- | --- | --- | --- | --- |
| Thermal
Equipment and Services | 29 % | 20 % | 4 % | 6 % |
| Flow
Technology | 8 % | 8 % | 5 % | -5 % |
| Test and
Measurement | 6 % | -3 % | 4 % | 5 % |
| Industrial
Products and Services | -6 % | 10 % | 1 % | -17 % |

SEQ.=1,FOLIO='77',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Fre e Cash Flow Reconciliations to GAAP Financial Measures*

($ in millions)	Twelve Months Ended December 31, — 2003*		2004		2005E		Quarter Ended December 31, — 2003*		2004
Net cash
from continuing operations	$ 418.8		$ 19.8		$ 260.0		$ 269.5		$ 96.3
Capital
expenditures	(39.0	)	(40.2	)	(80.0	)	(11.8	)	(9.9	)
	$ 379.8		$ (20.4	)	$ 180.0		$ 257.7		$ 86.4
Net cash
from discontinued operations	$ 203.4		$ 159.9		$ 20.0		$ 70.2		$ 42.1
Capital
expenditures - discontinued ops	(31.5	)	(14.4	)			(4.0	)	(4.5	)
	$ 171.9		$ 145.5		$ 20.0		$ 66.2		$ 37.6
Free Cash
Flow	$ 551.7		$ 125.1		$ 200.0		$ 323.9		$ 124.0

Includes cash of $60m from Microsoft patent settlement

SEQ.=1,FOLIO='78',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Adj usted EBITDA Reconciliations to GAAP Financial Measures*

($ in millions)	Twelve Months Ended December 31, — 2003		2004		2005E
Net (loss)
income	$ 236.0		$ (17.1	)	$ 173.0
Income from
discontinued operations	(98.6	)	(100.6	)
Income tax
provision (benefit)	105.6		(28.6	)	115.0
Interest
expense	187.7		154.0		37.0
Earnings
from continuing operations before interest and taxes	$ 430.7		$ 7.7		$ 325.0
Depreciation
expense	$ 80.5		$ 77.9		$ 83.0
Intangible
amortization expense	9.1		19.2		18.0
EBITDA from
continuing operations	$ 520.3		$ 104.8		$ 426.0
Adjustments:
Special
Charges	$ 44.7		$ 45.5		$ 20.0
Non-Cash
Asset Impairments			246.8
Non-Cash
pension expense (income)	(4.9	)	9.9		25.0
Non-Cash
stock compensation expense	5.6		9.1		35.0
Other (1)			25.1
Adjusted
EBITDA from continuing operations	$ 565.7		$ 441.2		$ 506.0
EBITDA from
discontinued operations			214.4
Adjusted
EBITDA			$ 655.6
Total Debt /
Adjusted EBITDA from continuing operations			1.81	x
Total Debt /
Net Income from continuing operations			-46.78	x

(1) Other items for 2004 includes a $7.5m inventory write-down, a $3.9m note write-off, $8.1m of non-cash expenses related to executive retirement and $5.6m of other items.

SEQ.=1,FOLIO='79',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

*Adj usted EBITDA from Discontinued Operations*

	Year Ended December 31, 2004
Operating
profit from discontinued operations	$ 189.5
Depreciation
and amortization from discontinued operations	24.9
Adjusted
EBITDA from discontinued operations	$ 214.4

SEQ.=1,FOLIO='80',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

SPX Corporation shareholders are strongly advised to read the proxy statement relating to SPX Corporations 2005 annual meeting of shareholders when it becomes available, as it will contain important information. Shareholders will be able to obtain this proxy statement, any amendments or supplements to the proxy statement and any other documents filed by SPX Corporation with the Securities and Exchange Commission for free at the Internet website maintained by the Securities and Exchange Commission at www.sec.gov. In addition, SPX Corporation will mail the proxy statement to each shareholder of record on the record date to be established for the shareholders meeting. Copies of the proxy statement and any amendments and supplements to the proxy statement will also be available for free at SPX Corporations Internet website at www.spx.com or by writing to Investor Relations, SPX Corporation, 13515 Ballantyne Corporate Place, Charlotte, North Carolina 28277, telephone (704) 752-4400.

SPX Corporation, its executive officers and directors may be deemed to be participants in the solicitation of proxies for SPX Corporations 2005 annual meeting of shareholders. Information regarding these participants is contained in a filing under Rule 14a-12 filed by SPX Corporation with the Securities and Exchange Commission on March 2, 2005.

SEQ.=1,FOLIO='81',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

[ GRA PHIC]

SEQ.=1,FOLIO='82',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

The presentation contains disclosure regarding free cash flow, which is defined as cash flows from operating activities less capital expenditures. Our management believes that free cash flow can be a useful financial measure for investors in evaluating the cash flow performance of multi-industrial companies, since it provides insight into the amount of cash available to fund such things as equity repurchases, dividends, debt reduction and acquisitions or other strategic investments. In addition, free cash flow is one of the factors used by our management in internal evaluations of the overall performance of our business. Free cash flow, however, is not a measure of financial performance under GAAP, should not be considered a substitute for cash flows from operating activities as determined in accordance with GAAP as a measure of liquidity, and may not be comparable to similarly titled measures reported by other companies. In addition, free cash flow is not a direct measure of cash flow available for discretionary spending, since non-discretionary expenditures, such as debt service, are not deducted from free cash flow.

The presentation contains disclosure regarding organic revenue growth, which is defined as revenue growth excluding the effects of foreign currency fluctuations and acquisitions and divestitures. Our management believes that this metric can be a useful financial measure for investors in evaluating the normal operating performance of the company for the periods presented because it excludes items that are either not completely under managements control or not an accurate reflection of the underlying growth of the company. In addition, organic revenue growth is one of the factors used by our management in internal evaluations of the overall performance of our business. This metric, however, is not a measure of financial performance under GAAP and should not be considered a substitute for revenue growth as determined in accordance with GAAP.

The presentation contains disclosure regarding EBITDA, Adjusted EBITDA and ratios related to EBITDA and Adjusted EBITDA. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA less special charges, non-cash asset impairments, non-cash pension expense (income), non-cash stock compensation expense, inventory write-downs, a note receivable write-off, non-cash expenses related to executive retirement and other non-recurring non-cash items. Our management believes that EBITDA and Adjusted EBITDA can be useful financial measures for investors in evaluating the earnings performance and cash generation of multi-industrial companies, since they provide insight into the amount of cash generated to fund such things as equity repurchases, dividends, debt reduction and acquisitions or other strategic investments. In addition, EBITDA and Adjusted EBITDA are two of the factors used by our management in internal evaluations of the overall performance of our business. EBITDA and Adjusted EBITDA, however, are not measures of financial performance under GAAP, should not be considered a substitute for net income or income from operating activities as determined in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies.

The presentation also includes pro forma 2004 balance sheet items. The pro forma 2004 balance sheet items are financial results for 2004 excluding discontinued operations and assuming $1.7 billion of debt repurchased and 10 million shares of common stock repurchased at $45 per share. Our management believes that the pro forma 2004 financial results can be useful

E-1

SEQ.=1,FOLIO='E-1',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

to inv estors in evaluating the future capital structure of the company. The pro forma 2004 balance sheet items, however, are not calculated in accordance with GAAP and should not be considered a substitute for GAAP financial statements.

The presentation also includes pro forma 2005E income statement items and 2006E growth percentages. The pro forma 2005E income statement items are estimated financial results for 2005 assuming that the following transactions were executed as of January 1, 2005: sales of BOMAG, EST and Kendro yielding after-tax proceeds of approximately $2.0 billion, $1.7 billion of debt repurchased and 10 million shares of common stock repurchased at $45 per share. Our management believes that the pro forma 2005E income statement items can be useful to investors in evaluating the future financial results of the company. The pro forma 2005E financial results, however, are not calculated in accordance with GAAP and should not be considered a substitute for GAAP financial statements. The pro forma 2006 growth percentages are estimated growth targets based on a 10-12% projected increase over the 2005 pro forma estimates. Our management believes that the pro forma 2006E percentages can be a useful to investors in evaluating the estimated future financial results of the company. The pro forma 2006E growth percentages, however, are not calculated in accordance with GAAP and should not be considered a substitute for GAAP measures.

E-2

SEQ.=1,FOLIO='E-2',FILE='C:\JMS\tspangl\05-4330-5\task331940\4330-5-ba-03.htm',USER='tspangl',CD='Mar 3 22:12 2005'

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SPX Technologies, Inc. Proxy Solicitation & Information Statement 2005

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SPX Technologies, Inc. — Proxy Solicitation & Information Statement 2005

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SPX Technologies, Inc. Proxy Solicitation & Information Statement 2005